Get S$100,000 To Expand Your Business Overseas with The Market Readiness Assistance (MRA) Grant

From MRA consultancy, quotation, completion of pre-application documents to setting up your company overseas, receive end-to-end support from Asia’s top corporate service provider for your successful business expansion into your desired markets.

Enjoy up to 70% subsidy with the MRA grant today.

Get S$100,000 To Expand Your Business Overseas with The Market Readiness Assistance (MRA) Grant2022-12-28T15:23:27+08:00

WHAT’S THE MRA GRANT IN SINGAPORE ABOUT?

Aimed to bring Singapore Small and Medium Enterprises (SMEs) overseas, the MRA grant provides a boost to every Singapore SME’s global footprint. There are 3 components to the MRA grant, each with a distinctive purpose to accelerate growth in the new target market.

What is MRA grant in Singapore

UP TO 70%

OF ELIGIBLE COSTS COVERED

Costs will be capped at S$100,000 per company per new market with the following breakdown.

The MRA grant is available to apply now till 31 Mar 2023. Each application is limited to one activity per overseas market. A new market is defined as any country outside Singapore where the company has not generated S$100,000 in overseas sales in each of the last 3 preceding years.

RECOMMENDED MRA GRANT APPLICATION ROUTES FOR BUSINESSES

Here are the 3 routes that you can take and how Paul Hype Page can support your MRA grant application. Each route can be claimed under MRA supportable activities for certain activities – speak to us today to find out what activities are supported.

MRA Route 1

Here are some insights and how we can support setting up your company in the target market:

  • MRA grant component: Overseas Market Promotion (up to S$20,000)

  • Objective is to generate brand awareness among target audience

  • Recommended for B2C companies with actual products to sell for brand events

    • How can PHP support?
        • Event planning from strategy, design, logistics to actual execution
        • Curation of marketing and event materials to drive footfall to the event
        • Final report for MRA grant claim submission
  • Recommended for B2B companies to showcase their brand via trade fairs

    • How can PHP support?
        • Application of trade fairs
        • Liaising with trade fair vendors
        • Organising itinerary from Singapore to target location
        • Preparing of local marketing content & materials to drive footfall to your booth
        • Preparing of booth design and production of marketing materials
        • Final report for MRA grant claim submission
MRA Route 2

Here are some insights and how we can support your overseas business development activities by promoting and growing your brand via in-market experts:

  • MRA grant component: Overseas Business Development (up to S$50,000)

  • Objective is to establish a local presence by meeting a network of partners and/or clients and setting the foundation for actual market setup in the future

  • Recommended for B2B companies who are looking for distributors to sell their products, partners, franchisors, and end-clients.

  • Two options for SMEs: do you prefer to do your business development in-house (overseas market presence) or to outsource (business matching and in-market business development)?

  • Business matching VS in-market business development

    • Both are outsourced services by third-party vendors
    • Business matching only facilitates the linkage between your business to potential key audiences that you wish to target
    • In-market business development means you have a local staff from the outsourced BD vendor to assist with all BD and marketing activities
  • How can PHP support via business matching?

    • Identify your target audience and prepare outreach strategy
    • Reach out to selected audience
    • Plan for meetings (face-to-face or virtually) and itineraries
    • Hosting your audience at our offices if available
    • Oversee all communications between parties
    • Final MRA grant report for claim submission
  • How can PHP support via in-market business development?

    • Assign a local staff under PHP to oversee all your BD activities
    • Product knowledge training hours by MRA applicant
    • Develop communications and marketing strategy for lead generation
    • Develop go-to-market strategy
    • Execute marketing efforts
    • Quarterly review of BD efforts
    • Final MRA grant report for claims submission
MRA Route 3

Here are some insights and how we can support setting up your company in the target market:

  • MRA grant component: Overseas market set-up (up to S$30,000)

  • Objective is to have full control of your business and establish an overseas physical presence to drive revenue

  • Recommended for SMEs who already have some business in the market or upcoming projects in the market

  • Work visa is required if you plan to enter the target market often and or plan to stay in the country for an extended period of time

  • How can PHP support?

    • Consultancy for market set-up
    • Company registration with local authorities
    • Business license applications
    • Preparation of company legal documents
    • Tax consultancy & registration of corporate tax
    • Payroll & accounting system setup
    • HR consulting
    • Financial forecast (5-year)
    • Financial analysis
    • Final MRA grant report for claim submission
Recommended MRA grant application

REASONS TO APPLY FOR THE MRA GRANT IN SINGAPORE

We’ve successfully applied for the MRA grant for multiple SMEs across various industries. There are some common reasons why our MRA grant clients apply for the grant:

Reasons to apply for MRA grant
Reasons to apply for MRA grant
Mapping for MRA grant
Angela

The most common route based on our experience is that most companies prefer to tap on the overseas business development as the first step of the MRA grant.

You can download the full MRA supportable activities under each category here.

HOW TO DO THE MRA GRANT CALCULATION?

Here is a quick breakdown of the calculation for overseas market set-up:

SERVICES WORTH* $43,000
LESS: MRA GRANT $30,000
TOTAL COST TO BUSINESS $13,000

Assuming the services for market set-up is worth S$43,000 and the government provides the maximum support of S$30,000, the cost to your business will be the difference between the 2 figures. This stands at S$13,000.

Talk to us today to find out how we can be part of your business expansion journey. We have an in-house marketing agency with business development outsourcing, and regional offices around Asia for market set-up.

Angela

Talk to us today to find out how we can be part of your business expansion journey. We have an in-house marketing agency with business development outsourcing, and regional offices around Asia for market set-up.

FIND OUT HOW MUCH IS YOUR MRA GRANT!

Talk with us to learn more about your MRA Grant!

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BEST COUNTRIES FOR
BUSINESS EXPANSION
FROM A CORPORATE
TAX PERSPECTIVE

Top 10 MRA Grant FAQs Asked by SMEs
Market Readiness Assistance (MRA) Grant – Top 10 FAQs By SMEs

BEST COUNTRIES FOR BUSINESS EXPANSION FROM A CORPORATE TAX PERSPECTIVE

ELIGIBILITY OF THE MRA GRANT IN SINGAPORE

Not all Singapore companies can apply the MRA grant. Check out the requirements to see if your company is eligible for the grant.

mra-grant-in-singapore-eligibility-note

WHY CHOOSE US AS YOUR PREFERRED MRA VENDOR

14 Years
2000-Satified-clients
360 degree operational support

Not only we can assist with your company set-up, but we also have a dedicated team to curate your marketing outreach strategy and do business matching services based on local market knowledge.

Undecided or got questions
  • Company set-up & registration
  • Visa application for foreign owners
  • Bank account opening

  • Strategic corporate tax planning & filing
  • Company secretarial
  • Outsourcing of business development

  • Accounting & auditing
  • Payroll services
  • Business licenses application
  • Hiring of foreign staff
  • Marketing & branding
  • Business matching

HOW TO APPLY FOR THE MRA GRANT

The steps to apply for the MRA grant are listed below.

mra-grant-apply-step

Note that in order to claim your MRA grant expenses, you will need to send all proof of services and work done in the market to a third-party auditor before you can claim from Enterprise Singapore.

MRA GRANT FAQ: TOP QUESTIONS ASKED BY SMES

Can I start work before the Letter of Offer?2022-11-24T09:50:03+08:00

No. Once you have started any work (e.g. company name search) before the Letter of Offer, your application will be voided and you will not be able to claim.

Realistically, how much grant can I get?2022-10-28T15:59:29+08:00

How much grant that your company can get is very dependent on what you submit to ESG. Every application is evaluated on a case by case basis.

In order to get the maximum amount for the grant, you will need a business plan that justifies a well thought out expansion plan.

On top of that, the quotation items must contribute to your expansion plan and within the scope of work. For example, if you are setting up a company and have intellectual property application fees, you must prove you have real substance for the application.

How soon can I get reimbursed for the grant?2022-10-28T15:58:42+08:00

All claims can only be done once the business expansion project ends and has to be done within 3 months from the project end date.

Companies have to appoint an independent auditor to verify all the expenses and provide the relevant supporting documents. If the company engages an ESG-appointed auditor, you will be granted an audit grant fee, capped at S$500, or 70% of the audit fee.

After the project end date, a typical audit takes 1-2 weeks to complete before you can submit to ESG for claims.

If you use the MRA grant for salary payments of 12 months, you can only claim after 12 months and all salary payments are disbursed.

Can directors claim their salaries under the MRA grant if posted overseas?2022-10-28T17:00:39+08:00

Directors who are registered under ACRA are not eligible for salary claims under MRA grant when posted overseas.

How long does it take to get the grant approved?2022-10-28T15:57:07+08:00

As of July 2022, ESG is experiencing high volume and will take 3-4 months to respond, sometimes up to 6 months. During this time, ESG will revert with additional questions and your MRA consultant will liaise with the officer.

If you were to appoint Paul Hype Page & Co. as your MRA consultant for market set-up, we typically take 1 week to prepare your business plan. Once that is approved by the company, we will prepare to submit the ESG application via the Business Grants portal.

You can expect to kickstart your project 6 months after.

Is the MRA grant difficult to apply?2022-10-28T15:55:38+08:00

The business plan is the biggest difficulty as they break every part down for detailed analysis. The quotation you receive may hinder the application if your MRA consultant does not have the experience with grant quotations.

Details like phrasing of service items, title of invoices, and identifying whether certain activities are eligible matters in the quotation.

The application process is relatively easy and is done online through the Business Grant Portal.

Can Singapore PRs apply for the MRA grant?2022-10-28T15:35:37+08:00

Yes, Singapore permanent residents (PRs) are considered locals and are able to apply for the MRA grant, fulfilling the 30% local shareholding.

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your MRA application and business expansion.

CONNECT WITH US TODAY

Reach out to us for a free consultation for your MRA application and business expansion.